The NEW waiting to exchange thread...

parkingadvice1212

So the exchange did not take place today because our seller has NO CASH DEPOSIT to pay to his seller, the only money moving up the chain is our 10%!!

Caz_Mnaz

See this alway confuses me and when I asked my solicitor I was still confused!!

The 10% from my sale falls short of 10% of my purchase by about 6k.

I am using the equity of my house sale plus an extra 10k of my savings as the bulk of the deposit but this will only happen and transfer up the chain on completion..... So do I need to budget the 6k ready for exchange to make the up the 10%?

Confusing that my deposit is made up of different sources! 

mathdotrandom

Caz_Mnaz said:

See this alway confuses me and when I asked my solicitor I was still confused!!

The 10% from my sale falls short of 10% of my purchase by about 6k.

I am using the equity of my house sale plus an extra 10k of my savings as the bulk of the deposit but this will only happen and transfer up the chain on completion..... So do I need to budget the 6k ready for exchange to make the up the 10%?

Confusing that my deposit is made up of different sources! 

Yes, you'll need the full 10% for exchange, unless you agree less with the vendor. Even then you'd still be liable for the full 10% if you pulled out after exchange.

Seashell517

parkingadvice1212 said:

So the exchange did not take place today because our seller has NO CASH DEPOSIT to pay to his seller, the only money moving up the chain is our 10%!!

Not unusual when all the deposit is coming from the equity in the sale. But that should've been sorted out in advance... Seller would still be liable for 10% if they pulled out, it'll just be that their vendor won't have easy access to it if they do pull something.

crumblylancashire

parkingadvice1212 said:

So the exchange isn't going through as one of the parties above us in the chain is insisting they aren't receiving the full deposit from us.. estate agent called me asking why we haven't sent our mortgage deposit (20%) when as far as I know no one ever sends more than 10% at exchange

I didn't know that, I expected to have to transfer it all over.  

SlowlyLosingIt

Supposed to be completing Friday. Turns out the buyers sols have apparently been chasing (they haven't) for answers to enquiries (sent back the same day they asked them, don't sols know how to search emails) oh and our sols haven't got (translated as forgot to request?) The redemption statement. Cool. Cooooool. 

Kbenn0

Supposed to be completing on Friday and still radio silence from my solicitors!! No exchange date, no call to say all expected to complete Friday etc etc.. this process is literally driving me around the bend. The EA just say they will be the last to know .. maybe they will call tomorrow to say yes it’s all going ahead Friday if not I’m calling them. 

Cuddlybearman

So tonight took a strange turn....
I basically demanded that my selling EA told me the truth and turns out my seller cannot move into rented accommodation until the 20th - but we need to complete on the 12th or the chain fails. Known this the whole time !!!!!!.
So with a bit of quick thinking I offered to pay for him to stay in a hotel for a week, and store his stuff, and move it for him (not a lot basically a small van full) and he agreed. ( I already have storage and the van anyway)
So I have asked for him to tell his solicitor urgently to exchange tomorrow. My solicitor knows. Seller agrees. Buyers haven't pulled the plug yet.....so fingers crossed for tomorrow.
Rollercoaster man

FTB_Help

Cuddlybearman said:

So tonight took a strange turn....
I basically demanded that my selling EA told me the truth and turns out my seller cannot move into rented accommodation until the 20th - but we need to complete on the 12th or the chain fails. Known this the whole time !!!!!!.
So with a bit of quick thinking I offered to pay for him to stay in a hotel for a week, and store his stuff, and move it for him (not a lot basically a small van full) and he agreed. ( I already have storage and the van anyway)
So I have asked for him to tell his solicitor urgently to exchange tomorrow. My solicitor knows. Seller agrees. Buyers haven't pulled the plug yet.....so fingers crossed for tomorrow.
Rollercoaster man

What a pain.

That's really annoying that they decided to keep that from you for so long.

Im sure if they would have been up front from the start your chain could have been better prepared.

Atleast it sounds almost sorted, how much are you footing for their hotel/ storage?

Cuddlybearman

FTB_Help said:

Cuddlybearman said:

So tonight took a strange turn....
I basically demanded that my selling EA told me the truth and turns out my seller cannot move into rented accommodation until the 20th - but we need to complete on the 12th or the chain fails. Known this the whole time !!!!!!.
So with a bit of quick thinking I offered to pay for him to stay in a hotel for a week, and store his stuff, and move it for him (not a lot basically a small van full) and he agreed. ( I already have storage and the van anyway)
So I have asked for him to tell his solicitor urgently to exchange tomorrow. My solicitor knows. Seller agrees. Buyers haven't pulled the plug yet.....so fingers crossed for tomorrow.
Rollercoaster man

What a pain.

That's really annoying that they decided to keep that from you for so long.

Im sure if they would have been up front from the start your chain could have been better prepared.

Atleast it sounds almost sorted, how much are you footing for their hotel/ storage?

Well I have the storage and van anyway (moving myself) - £200 for 8 days in a travel lodge.
Worth it really - just extra man power to store his stuff....